Sheila Minkah-Premo, Managing Consultant at ALC Law Consult, has called for a critical re-evaluation of women's economic progress in Ghana. She states that financial inclusion alone does not guarantee financial empowerment for women. This distinction is crucial for achieving sustainable economic transformation.
Speaking at the Young African Women Congress (YAWC) Annual Global Convocation, Ms. Minkah-Premo acknowledged Ghana's significant advancements in expanding financial access. The 2021 Global Index database highlights substantial improvements in account ownership among women. Mobile money and digital financial services have been instrumental in this growth, enabling millions of women to access services previously out of reach.
This expansion has led to more women possessing bank accounts, mobile wallets, and digital payment systems. However, Ms. Minkah-Premo cautioned against confusing this access with genuine financial empowerment. She stressed that owning a mobile money wallet is not the same as owning investment assets. Similarly, having a bank account does not equate to building wealth or achieving financial independence.
Her remarks underscore a broader economic challenge facing Ghana. While the nation has focused on increasing access to basic financial tools, the next phase must address wealth creation. This involves moving beyond transactional services to fostering long-term financial security and asset accumulation for women. Ghana's economic development depends on its citizens' ability to convert access into tangible prosperity.
Ms. Minkah-Premo argued that the real challenge extends beyond simply opening accounts. It lies in ensuring women possess the financial literacy, investment knowledge, and economic opportunities necessary. These elements are vital to transform financial access into asset ownership. Without these interventions, the gains made in financial inclusion risk falling short of delivering meaningful economic transformation.
She called for greater access to a wider range of financial products and advisory services. Women require not only savings products but also investment opportunities, pension planning, and insurance. Access to capital markets, business finance, and wealth management services is also essential. Furthermore, they need professional advisors to guide them in scaling up their financial activities.
The Young African Women Congress Annual Global Convocation serves as an important platform for such discussions. It brings together women leaders, professionals, entrepreneurs, and policymakers from across Africa. The congress focuses on leadership, economic empowerment, and sustainable development, making it an ideal forum for Ms. Minkah-Premo's message. Her insights highlight a critical area for policy focus and economic strategy in Ghana.
Ghana's financial sector has seen rapid growth in recent years, particularly in digital payments. The Bank of Ghana has actively promoted financial inclusion initiatives. However, Ms. Minkah-Premo's perspective suggests a need for these initiatives to evolve. They must now incorporate strategies that empower women to build lasting wealth. This shift is crucial for ensuring that financial inclusion translates into tangible economic benefits for women and the broader economy.
The implications of this perspective are significant for policymakers and financial institutions. They must develop new products and educational programs tailored to women's wealth-building needs. This includes simplifying investment processes and providing accessible financial education. Ensuring women can convert their financial access into productive assets will drive greater economic stability and growth for Ghana.